Philip Morris International Inc
PM—
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Philip Morris International Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-10.9B) with 50.1B debt yet generating 10.1B FCF TTM - leveraged cash machine funding 5.52/share dividend (79% payout)[Free Cash Flow TTM]
- Operating margin 37.1% TTM vs industry median 13.2% - 2.8x advantage reflects pricing power in addictive product category[Operating Margin TTM]
- Goodwill 17.2B represents 157% of negative equity - Swedish Match acquisition creates hidden impairment exposure[Goodwill]
Watch Triggers
- Operating Margin TTM: Falls below 33% — Signals smoke-free transition costs exceeding pricing power; threatens dividend coverage
- Interest Expense TTM: Exceeds 2B (currently 1.7B) — With 50B debt and negative equity, rising rates directly compress FCF available for dividends
- Free Cash Flow TTM: Falls below 8.6B (dividend requirement) — Current 10.1B FCF covers 8.6B dividend with thin 17% buffer; any miss forces cut or debt
Bull Case
FCF yield 4.3% (10.1B/235B market cap) with 37% operating margins funds dividend growth without balance sheet stress despite negative equity
Free Cash Flow TTMOperating Margin TTMDividends Paid Per Share TTM
Regulatory moat: 40B revenue TTM (20x industry median) with pricing power insulates from competition in declining but sticky category
Total Revenue TTMGross Margin TTM
Bear Case
Debt/EBITDA 2.9x (50.1B/17.3B) with negative equity (-10.9B) leaves zero margin for earnings miss or rate spike
Total DebtEBITDA TTMTotal Equity
P/S 5.9x vs industry median 2.7x prices in smoke-free transition success; dividend payout 79% limits reinvestment flexibility
PS RatioDividend Payout Ratio Avg 5yr
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Smoke-free products (IQOS, ZYN) to drive margin expansion as mix shifts from combustibles
1-3ymed
- Gross margin 66.9% TTM already premium
- Capex only 1.4B (3.5% of revenue) - asset-light model
- Operating income 14.8B funds R&D without debt increase
Operating margin 37.1% vs 13.2% industry medianFCF conversion 88% of operating cash flowNet debt reduction of 1.4B TTM
Valuation Context
Caveats
Public Strategies Rankings
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PM Fundamentals
Manufacturing → Beverage and Tobacco Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$257.6B | — | ||
$301.56B | — | ||
23 | — | ||
$40.65B | +7.3% | — | |
$7.26 | +21.2% | — | |
36.7% | +1.4% | — | |
27.9% | +9.3% | — | |
$10.66B | -1.0% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
PM Dividend History
72 dividends
2026
$1.470003/19/26$1.4700
2025
$5.640012/26/25$1.4700
10/03/25$1.4700
06/27/25$1.3500
03/20/25$1.3500
2024
$5.300012/26/24$1.3500
09/26/24$1.3500
06/21/24$1.3000
03/20/24$1.3000
2023
$5.140012/20/23$1.3000
09/26/23$1.3000
06/22/23$1.2700
03/22/23$1.2700
2022
$5.040012/21/22$1.2700
09/27/22$1.2700
06/30/22$1.2500
03/23/22$1.2500
2021
$4.900012/22/21$1.2500
09/28/21$1.2500
06/24/21$1.2000
03/19/21$1.2000
2020
$4.740012/22/20$1.2000
09/23/20$1.2000
06/19/20$1.1700
03/20/20$1.1700
2019
$4.620012/18/19$1.1700
09/24/19$1.1700
06/20/19$1.1400
03/25/19$1.1400
2018
$4.490012/19/18$1.1400
09/25/18$1.1400
06/21/18$1.1400
03/21/18$1.0700
2017
$4.220012/20/17$1.0700
09/26/17$1.0700
06/21/17$1.0400
03/21/17$1.0400
2016
$4.120012/20/16$1.0400
09/26/16$1.0400
06/21/16$1.0200
03/22/16$1.0200
2015
$4.040012/21/15$1.0200
09/28/15$1.0200
06/23/15$1.0000
03/24/15$1.0000
2014
$3.880012/22/14$1.0000
09/23/14$1.0000
06/24/14$0.9400
03/25/14$0.9400
2013
$3.580012/23/13$0.9400
09/24/13$0.9400
06/25/13$0.8500
03/26/13$0.8500
2012
$3.240012/24/12$0.8500
09/25/12$0.8500
06/25/12$0.7700
03/27/12$0.7700
2011
$2.820012/20/11$0.7700
09/23/11$0.7700
06/21/11$0.6400
03/22/11$0.6400
2010
$2.440012/21/10$0.6400
09/22/10$0.6400
06/22/10$0.5800
03/23/10$0.5800
2009
$2.240012/23/09$0.5800
09/24/09$0.5800
06/22/09$0.5400
03/23/09$0.5400
2008
$1.540012/23/08$0.5400
09/11/08$0.5400
06/26/08$0.4600
PM Stock Splits
No stock splits
PM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/06/26 | 12/31/25 | 10-K | |
10/24/25 | 09/30/25 | 10-Q | |
07/25/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/31/25 | 10-Q | |
02/06/25 | 12/31/24 | 10-K | |
10/24/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/26/24 | 03/31/24 | 10-Q | |
02/08/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/10/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/29/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/11/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/09/21 | 12/31/20 | 10-K | |
10/27/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
02/07/20 | 12/31/19 | 10-K | |
10/24/19 | 09/30/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/25/19 | 03/31/19 | 10-Q | |
02/07/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/13/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
02/14/17 | 12/31/16 | 10-K | |
10/25/16 | 09/30/16 | 10-Q | |
07/26/16 | 06/30/16 | 10-Q | |
04/26/16 | 03/31/16 | 10-Q | |
02/17/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/03/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/08/08 | 03/30/08 | 10-Q | |
03/05/08 | 12/31/07 | 10-K | |
11/07/08 | 09/30/07 | 10-Q | |
08/07/08 | 06/30/07 | 10-Q | |
05/08/08 | 03/31/07 | 10-Q | |
12/31/06 | 12/31/06 | Unknown | -- |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |